Property bosses on Friday breathed a sigh of relief as the Conservative party held Westminster and Wandsworth, where major redevelopments are taking place.
Labour had made a push to take the two Tory “crown jewels” boroughs, but failed to make the gains they needed to seize control in local elections.
There had been some concerns in the industry that an increase in power for Labour could mean a different property development stance.
In Labour-led Haringey, a £2 billion housing project came under fire from activists, who were backed by Jeremy Corbyn’s Momentum group.
Jon Di-Stefano, chief executive of Telford Homes which is building in Nine Elms, Wandsworth, said: “Stability in terms of political control of each borough is particularly important when you are in the middle of complex planning negotiations across a number of sites.”
He continued: “In that context it is the lack of change in Wandsworth and other boroughs that is most helpful to speeding up our ability to get on site, especially where those boroughs welcome appropriate development.”
Labour fail to seize Tory crown jewels in London local elections
In Westminster, there are significant developments related to Crossrail and the sprucing up of the West End.
Brian Bickell of landlord Shaftesbury said: “The property sector makes a huge contribution to Westminster and London. Pro-growth policies which recognise the needs of residents are essential for this to continue.”
Property agent JLL’s Adam Challis said: “London developers will be pleased that schemes aren’t knocked back by a change in leadership.”
Source: Evening Standard